44 cash for Dummies
44 cash for Dummies
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No concession in payment of progress tax. Identical shall be paid in 4 installments According to common advance tax provisions
In the above mentioned scenario, Mr Ram can go with presumptive taxation Should the tax is compensated on fifty% of gross receipts. Therefore, Ram can opt to pay back tax under the presumptive plan of taxation beneath portion 44ADA.
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Ensure that your copyright is there along with you whenever you clearly show up in a income changer. It's legally demanded.
Additionally, you will be necessary to pay desire under Sections 234B and 234C If you don't fork out progress tax from the fiscal calendar year's 15th of March.
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Whole advance tax might be compensated by last installment of progress tax i.e., fifteen March of a year, in the event of failure to take action, interest is leviable @ 1% on shortfall as per Section 234C
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Part 44ADA was launched to extend the plan of simplified presumptive taxation to specified gurus. Previously, the presumptive scheme of tax was accessible only to little businesses.
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